GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) jumps from the bullish trendline down.
A bearish trend downwards to the next support line at 1.23521 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.24938 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Target of the current trend is 1.23521 at the Fibonacci level 1-Level. Caution: A possible reversal of the trend in the direction of support at 1.24938 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Southern Doji’ chart pattern is found. The chart shows ‘Southern Doji’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Southern Doji’ heading up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25754 |
| Next High | 1.24938 |
| Current Price | 1.23715 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Southern Doji